Hamilton houses double in price in 10 years

If you bought a house in the Hamilton area 10 years ago, it's probably more than doubled in value.

That's the finding of a new "Decade in Review" report from Re/Max that says the average price of real estate in Hamilton-Burlington has risen 110 per cent, from $274,798 in 2007 to $576,418 in 2017.

"As purchasers from the Greater Toronto Area (GTA) sought refuge from rapidly rising prices, the influx of new buyers into Hamilton and Burlington placed substantial pressure on the market. Sales have soared and supply has dwindled — particularly at starting price points — and values climbed," the report says.

The 110 per cent jump was the second highest in the province behind the Greater Toronto Area's 119 per cent increase ($376,236 to $822,681). Kitchener-Waterloo came in third with an 81 per cent increase, followed by London-St. Thomas at 63 per cent, Windsor Essex at 62 per cent and Ottawa with 44 per cent.

However, the report comes at a time of uncertainty brought about by rising interest rates and new mortgage rules that make it more difficult for some buyers to get financing.

According to the Realtors Association of Hamilton-Burlington, January 2018 saw 27.2 per cent fewer sales than the same month in 2017. Looking at the 10-year average, sales in January were down by 12.5 per cent.

But Christopher Alexander — one of the Re/Max report's authors — says he believes it's just a blip in a market that will continue to grow.

"It's going to take some time for everybody to settle in. But once they do, and people know what they can afford, we believe the market will get going again," he said.

"I think we are still going to have price appreciation in Hamilton — it just won't be as aggressive. I think the latter half of the year will balance out this part of the year," said Alexander, who is executive vice president and regional director for the Ontario-Atlantic Region with Re/Max.

Hamilton, he said, has become a coveted market for more reasons than price. "With the investments that the local and provincial governments are making, I see Hamilton as a very attractive place to live. The GO transportation improvements are making it a lot easier for commuters. I see bright things to continue for Hamilton."

In addition to the recently constructed GO Station on James Street North, Metrolinx is building a "Confederation GO Station" in Stoney Creek on Centennial Parkway. It is scheduled to begin service in 2019.

"We're building a new station building, approximately 390 parking spaces, a Kiss and Ride, an island platform with canopy, and a pedestrian tunnel to help customers access both sides of the corridor. Preliminary work on the new station started in late 2017," a Metrolinx spokesperson said Wednesday.

Hamilton houses double in price in 10 years

If you bought a house in the Hamilton area 10 years ago, it's probably more than doubled in value.

That's the finding of a new "Decade in Review" report from Re/Max that says the average price of real estate in Hamilton-Burlington has risen 110 per cent, from $274,798 in 2007 to $576,418 in 2017.

"As purchasers from the Greater Toronto Area (GTA) sought refuge from rapidly rising prices, the influx of new buyers into Hamilton and Burlington placed substantial pressure on the market. Sales have soared and supply has dwindled — particularly at starting price points — and values climbed," the report says.

The 110 per cent jump was the second highest in the province behind the Greater Toronto Area's 119 per cent increase ($376,236 to $822,681). Kitchener-Waterloo came in third with an 81 per cent increase, followed by London-St. Thomas at 63 per cent, Windsor Essex at 62 per cent and Ottawa with 44 per cent.

However, the report comes at a time of uncertainty brought about by rising interest rates and new mortgage rules that make it more difficult for some buyers to get financing.

According to the Realtors Association of Hamilton-Burlington, January 2018 saw 27.2 per cent fewer sales than the same month in 2017. Looking at the 10-year average, sales in January were down by 12.5 per cent.

But Christopher Alexander — one of the Re/Max report's authors — says he believes it's just a blip in a market that will continue to grow.

"It's going to take some time for everybody to settle in. But once they do, and people know what they can afford, we believe the market will get going again," he said.

"I think we are still going to have price appreciation in Hamilton — it just won't be as aggressive. I think the latter half of the year will balance out this part of the year," said Alexander, who is executive vice president and regional director for the Ontario-Atlantic Region with Re/Max.

Hamilton, he said, has become a coveted market for more reasons than price. "With the investments that the local and provincial governments are making, I see Hamilton as a very attractive place to live. The GO transportation improvements are making it a lot easier for commuters. I see bright things to continue for Hamilton."

In addition to the recently constructed GO Station on James Street North, Metrolinx is building a "Confederation GO Station" in Stoney Creek on Centennial Parkway. It is scheduled to begin service in 2019.

"We're building a new station building, approximately 390 parking spaces, a Kiss and Ride, an island platform with canopy, and a pedestrian tunnel to help customers access both sides of the corridor. Preliminary work on the new station started in late 2017," a Metrolinx spokesperson said Wednesday.

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Hamilton houses double in price in 10 years

If you bought a house in the Hamilton area 10 years ago, it's probably more than doubled in value.

That's the finding of a new "Decade in Review" report from Re/Max that says the average price of real estate in Hamilton-Burlington has risen 110 per cent, from $274,798 in 2007 to $576,418 in 2017.

"As purchasers from the Greater Toronto Area (GTA) sought refuge from rapidly rising prices, the influx of new buyers into Hamilton and Burlington placed substantial pressure on the market. Sales have soared and supply has dwindled — particularly at starting price points — and values climbed," the report says.

The 110 per cent jump was the second highest in the province behind the Greater Toronto Area's 119 per cent increase ($376,236 to $822,681). Kitchener-Waterloo came in third with an 81 per cent increase, followed by London-St. Thomas at 63 per cent, Windsor Essex at 62 per cent and Ottawa with 44 per cent.

However, the report comes at a time of uncertainty brought about by rising interest rates and new mortgage rules that make it more difficult for some buyers to get financing.

According to the Realtors Association of Hamilton-Burlington, January 2018 saw 27.2 per cent fewer sales than the same month in 2017. Looking at the 10-year average, sales in January were down by 12.5 per cent.

But Christopher Alexander — one of the Re/Max report's authors — says he believes it's just a blip in a market that will continue to grow.

"It's going to take some time for everybody to settle in. But once they do, and people know what they can afford, we believe the market will get going again," he said.

"I think we are still going to have price appreciation in Hamilton — it just won't be as aggressive. I think the latter half of the year will balance out this part of the year," said Alexander, who is executive vice president and regional director for the Ontario-Atlantic Region with Re/Max.

Hamilton, he said, has become a coveted market for more reasons than price. "With the investments that the local and provincial governments are making, I see Hamilton as a very attractive place to live. The GO transportation improvements are making it a lot easier for commuters. I see bright things to continue for Hamilton."

In addition to the recently constructed GO Station on James Street North, Metrolinx is building a "Confederation GO Station" in Stoney Creek on Centennial Parkway. It is scheduled to begin service in 2019.

"We're building a new station building, approximately 390 parking spaces, a Kiss and Ride, an island platform with canopy, and a pedestrian tunnel to help customers access both sides of the corridor. Preliminary work on the new station started in late 2017," a Metrolinx spokesperson said Wednesday.